Bitcoin ended its 12-day losing streak, after making its way back above $20,000 and leading the cryptocurrency market in a rapid turnaround after a series of record drops.
And the largest cryptocurrency in the world rose by 16% on Sunday, to compensate for its losses from the sharp decline on Saturday, which led to its decline to the level of 17,599 dollars.
The price of “Bitcoin” reached about $ 20,400 as of 5 pm New York time, while the price of “Ethereum”, which touched the lowest level during sales at $ 881, increased by 26% to $ 1140.
“I think we’re starting to hit levels near the bottom, where institutional investors see a buying opportunity,” said partner at crypto-focused hedge fund Pantera Capital, Paul Viraditakit.
Even with Sunday’s rally, Bitcoin is down more than 30% this month and nearly 70% from its all-time high in November.
“In its roughly 12-year trading history,[Bitcoin]has never dropped below the highs of the previous cycle,” said Katie Stockton, managing partner and founder of Fairlead Strategies.
She added that consecutive weekly losses below this level will increase the risk of a fall towards the next support level at $13,900.
Data from CoinGecko showed that the total cryptocurrency market capitalization reached nearly $900 billion on Sunday, down from $3 trillion in November.